Interpace Biosciences’ Audit Committee Investigation Finds Complaints Unsubstantiated
October 14 2020 - 6:30AM
Interpace Biosciences, Inc. (“Interpace” or the “Company”) (Nasdaq:
IDXG) announced today that the Audit Committee of the Board of
Directors has completed an independent investigation into
complaints of certain employment and billing and compliance matters
and concluded that the allegations made in the complaints are
unsubstantiated and that there was no evidence of any illegal acts.
As set forth in the Company’s Notification of
Late Filing on Form 12b-25 filing announcing the Company’s
inability to timely file its Form 10-Q for the quarter ended June
30, 2020, in July 2020, the Company received letters from
employees, one of whom has left the Company’s employ, concerning
certain employment and billing and compliance matters. In response,
the Company informed its Audit Committee and Regulatory Compliance
Committee as well as its independent registered public accounting
firm. The Audit Committee commenced an investigation of these
matters with the assistance of independent counsel and advisors
thereto. The Audit Committee concluded that the allegations were
not substantiated and that there was no evidence of any illegal
acts.
About Interpace Biosciences
Interpace Biosciences is an emerging leader in
enabling personalized medicine, offering specialized services along
the therapeutic value chain from early diagnosis and prognostic
planning to targeted therapeutic applications.
Clinical services, through Interpace
Diagnostics, provides clinically useful molecular diagnostic tests,
bioinformatics and pathology services for evaluating risk of cancer
by leveraging the latest technology in personalized medicine for
improved patient diagnosis and management. Interpace has four
commercialized molecular tests and one test in a clinical
evaluation process (CEP): PancraGEN® for the diagnosis and
prognosis of pancreatic cancer from pancreatic cysts;
ThyGeNEXT® for the diagnosis of thyroid cancer from thyroid
nodules utilizing a next generation sequencing assay;
ThyraMIR® for the diagnosis of thyroid cancer from thyroid
nodules utilizing a proprietary gene expression assay; and
RespriDX® that differentiates lung cancer of primary versus
metastatic origin. In addition, BarreGEN®, a molecular based assay
that helps resolve the risk of progression of Barrett’s Esophagus
to esophageal cancer, is currently in a CEP whereby we gather
information from physicians using BarreGEN® to assist us in
gathering clinical evidence relative to the safety and performance
of the test and also providing data that will potentially support
payer reimbursement.
Pharma services, through Interpace Pharma
Solutions, provides pharmacogenomics testing, genotyping,
biorepository and other customized services to the pharmaceutical
and biotech industries. Pharma services also advances personalized
medicine by partnering with pharmaceutical, academic, and
technology leaders to effectively integrate pharmacogenomics into
their drug development and clinical trial programs with the goals
of delivering safer, more effective drugs to market more quickly,
while also improving patient care.
For more information, please visit Interpace
Biosciences’ website at www.interpace.com.
Forward-looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not guarantees of future results and
are subject to a number of risks and uncertainties, many of which
are difficult to predict and beyond our control. Additionally, all
forward-looking statements are subject to the “Risk Factors”
detailed from time to time in the Company’s most recent Annual
Report on Form 10-K for the year ended December 31, 2019, as
amended, Current Reports on Form 8-K and Quarterly Reports on Form
10-Q. Because of these and other risks, uncertainties and
assumptions, undue reliance should not be placed on these
forward-looking statements. In addition, these statements speak
only as of the date of this press release and, except as may be
required by law, the Company undertakes no obligation to revise or
update publicly any forward-looking statements for any reason.
Contacts: Investor Relations Edison Group Megan
Paul (646) 653-7034 mpaul@edisongroup.com
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